Hamptons still hot, say local real estate brokers. (Residential).

The Hamptons home sales market continued on the upswing during the early part of this year, with the number of purchases surging by 67.7% and total sales volume rising by 42.7% from a year ago.

According to the just released First Quarter 2003 Report issued by Cook Pony Farm, one of the Hampton's top real estate brokerage firms, a total of 612 sales took place in the exclusive South Fork region of Long Island during the first three months of this year compared to 365 during the same time frame in 2002 while sales volume climbed from $335.3 million to $478.5 million. Hampered by a decline in $3 million-and-up purchases, average sales prices dipped by 17.9% during the quarter, falling from $918,676 to $753, 921.

"Overall, the Hamptons real estate market is very healthy at present," stated Cook Pony Farm Vice President Judi Desiderio.

"If there is one sector of the market that has been negatively impacted by the current economic climate, it's the over $3 million category. While this may have created a statistical downturn in some high-end hamlets, in actuality, prices in these markets have held firm and sales activity is continuing to strengthen."

As evidence of that, Ms. Desiderio noted that with the exception of Sag Harbor, where seven fewer sales were recorded, every other market surveyed by Cook Pony. Farm showed an increase in sales activity during the quarter. Leading the way in the category was Westhampton, where 190 sales took place, an impressive 113.5% increase over the 89 purchases of a year ago.

"There's no doubt that buying Hamptons real estate is becoming a more attractive option' to growing numbers of consumers and investors, especially with the stock market remaining in the doldrums and conventional banking products generating only marginal returns," Ms. Desiderio added.

Published quarterly, the Cook Pony. Farm Report monitors and analyzes home sales activity and price trends in Amagansett, Bridgehampton, the East Hampton area, East Hampton Village, Montauk, Sag Harbor area, Sag Harbor Village, Shelter Island, Southampton area, Southampton village and Westhampton.

Among other interesting finding revealed in the Cook Pony Farm First Quarter Report include the following:

* While the number of $3 million and up transactions declined, sales in the $1 million to $1.99 million category jumped by 56.1% (from 41 to 71 purchases) and by 76.9% (from 13 to 23) in the $2 million-and-up class.

* Average sales prices topped a million dollars in four markets--East Hampton Village ($1.78 million); Southampton Village ($1.36 million); Bridgehampton ($1.31 million) and Amagansett ($1.24 million). The latter had the biggest increase in average sales prices -- a jump of 62.9%.

* Besides Westhampton, the busiest sales markets during the first. quarter were East HamptonVillage (133 sales--up 46.2%) and the Southampton Area (72 sales--up 89. 5%).

* Sales volume more than tripled in Amagansett--from $8.4 million to $26.2 million--a jump of 211.1%. Montauk followed with a 99.8% jump, from $7.9 million, to $15.87 million.

Cook Pony Farm has over 100 fulltime real estate professionals specializing in residential sales and rentals, investment properties, bulk acreage, and all types of commercial properties.